Corporate Prepaid Cards Spread Across Europe

A new partnership between Prepaid Financial Services Limited and WestStein will bring the power of prepaid cards to businesses across Europe in the coming months. In an announcement yesterday (Aug. 24), the companies announced the rollout of their First Prepaid MasterCard Program, a venture that unleashes the WestStein Prepaid MasterCard to consumers and corporate users.

The venture has first launched in Latvia, but the companies said it will expand to other EU markets in the year’s fourth quarter. The chip-and-PIN card will first be available in Euro, but the firms also said that they plan to link it to other currencies.

The companies said that their corporate prepaid cards will have higher loading, spending and withdrawal limits than that of consumer cards, and business users will be able to customize transaction and default fees. The exact caps, however, were not disclosed in their statement.

According to Prepaid Financial Services CEO Noel Moran, the new venture brings the number of nations with a prepaid card program to 20 outside of its home base of the U.K. “We have been observing the Latvian market carefully, and this is a strategic time to launch a highly flexible, non-banking product that appeals to both consumers and corporates,” the executive said. “We expect the WestStein Prepaid MasterCard to quickly become a strong product in the marketplace.”

He added that the solution can be an ideal service for businesses that need to pay wages to temporary workers or offer bonuses to their employees. It can also be used to manage procurement, travel expenses, loyalty programs and other business spending.

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